Finance titan Goldman Sachs is on the move and Palm Beach County could very well be its final destination. It has been widely reported that Goldman Sachs will be moving an $8 billion dollar division of its company to the sunshine state.
The report comes after many major companies have fled the high taxes and clustered New York City work places, many of which have since set up in South Florida. Billionaire Paul Singer recently set up his $41 billion dollar hedge fund in West Palm Beach and fellow billionaire investor Carl Icahn recently made his move to Miami.
Florida offers plenty of obvious advantages for business looking for an escape from the Northeast, especially this time of year. The sunshine, sandy beaches and incomparable tropical lifestyle are all factors but the biggest being Florida’s significant tax advantages.
Florida is one of only seven states that have no personal income tax. It’s no wonder residents of highly taxed states like New York find living here so attractive! For those that are still working, Florida is the best place to stretch your money further. Florida also has one of the more favorable sales tax rates in the country at 7%.
While property taxes are one of the primary sources of revenue for local governments, property tax rates are considerably low in Florida. The state’s average effective property tax rate is 0.98% which is just below the national average of 1.08%. In addition to the lower rate of Florida’s property tax, there’s a sizable deduction available for lower-income seniors over the age of 65 who’ve lived in the state for at least 25 years. As noted by Kiplinger, Florida residents with household income not exceeding $30,721 (as of 2020) may qualify for an extra homestead exemption of up to $50,000 from some city and county governments.